Four Ways To Make Banking A Destination Workplace

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There was a time in the not-so-distant past when banking was seen as an attractive and prestigious career. Banks didn’t take just anybody, and if you were lucky enough to get in, you could spend your whole career moving up the ladder, exploring different role types and dozens of paths.

Over the last 30 years, however, the value proposition of a career in banking has diminished. If we were to poll a group of university students, how many would rank banking as their number one career choice? Not as many as we’d like.

There are a number of reasons for this shift, but the biggest may be the explosion of technology and innovation. Many of the smart, talented people entering today’s workforce want to do something exciting and groundbreaking, with the opportunity for a large payout. Whether or not it’s warranted, banking just doesn’t tend to have that reputation. And as we all know, reputation is everything.

Reputations and perceptions, however, can be changed. In order to recruit and retain top talent in today’s high-stakes and highly competitive landscape, financial institutions (FIs) must find new, innovative ways to rebrand banking as a “destination workplace” and win back the prestige it deserves. For banks to thrive in the digital age, this is a critical imperative. Below are four strategies that can help:

1. Let new employees help guide your strategies and impact your culture.

When you hire a new employee, the first thing you should say to them is, “Don’t become one of us.” You don’t want new talent to simply replicate the old way of doing things. Instead, the existing guard needs to welcome new blood so they can inject their own knowledge into the institution and help create positive change from the inside out.

While change rarely happens from the bottom up, it also can’t be forced from the top down. True transformation happens when all levels of the organization work together. For today’s FIs, while digital transformation is the calling, the need to maintain stability, manage risk and ensure compliance with a fresh mindset is key to bringing in new ideas so these pillars of the industry can be managed effectively in the digital age.

When you’re open-minded and allow new talent to bring their own perspectives, change happens faster.

2. Model your institution on what your talent pool values.

The number one thing many new talents value is their own personal career “equity.” Instead of performing repetitive tasks, most employees want to be constantly learning; they want to understand the company’s value in the market, drive change and create real innovation. Like any investment, there should be a return.

The new generation of workers tends to value ideas like quality of life, work-life balance, sustainability efforts, respect and diversity and inclusion, and so it makes sense they’d want to work for someone who shares those values. FIs have traditionally offered good benefits, discounts on mortgage rates, upsized rates and other perks.

But becoming a true destination workplace is more than simply rethinking compensation structures. It’s rethinking each opportunity at your institution. Rather than just a job, they can experience holistic careers with multiple opportunities. With this mindset, a pathway in banking builds one’s career equity and drives motivation to flourish and be fulfilled.

3. Invest in technology that improves the employee experience.

It’s difficult to provide great experiences when employees are constantly tracking down paper, rekeying data, uploading forms and using legacy tech. To create a destination workplace, you need great technology that simplifies your employees’ work lives and helps them do their best work and deliver on customer and compliance demands.

A new employee shouldn’t have to learn 20 different systems or juggle multiple manuals to figure out how to open a loan. A single, seamless platform that combines key banking needs can help empower employees to become a piece of the solution, rather than just a user.

When choosing which technologies to invest in and implement, institutions should also involve new recruits, established status-quo “challengers” and a mix of power users and novices to truly get a feel for where they should focus. For example, the teams who are closest to the customer know what will enable a better experience.

If you can create a culture that gives employees a voice and values their feedback, you’ll be able to watch them flourish for years to come.

4. Prioritize stronger relationship-based experiences to amplify the human effect.

Most banks call themselves relationship banks, but true relationships are with a human, not an institution. If you want to be a relationship bank or augment the trust that already exists, everything must shift from account- and transaction-centric legacy models to a customer-centric model of understanding needs and transparency. This will create better employee experiences from the ground up.

To prioritize relationship-based experiences, employees in supporting and admin roles must be able to understand customer relationships in context so they can appreciate the customers’ mindset, need, urgency and long-term point of view.

Technology that helps every member of your institution’s team to collaborate, understand customer profiles and deliver on the bank’s promise can create stronger relationships with your customers and among your employees. Technology that serves every member of your organization ultimately serves customers, and this mindset is critical to redesigning the tech approach.

With the enormous opportunity of dozens of paths, career challenges, exciting innovations and a rapidly changing market, a career in banking can help build the “career equity” many are demanding and offer a lifelong career return on investment, both personally and professionally.

By focusing on strong relationships, investing in great technology and creating an inclusive and collaborative culture, banks could once again be seen as a destination workplace that attracts talented people and gives them plenty of reasons to stay, grow and transform both your institution and the industry.

Anthony Morris, SVP of Global Banking Strategy & Customer Advisory at nCino, a worldwide leader of cloud banking. Read Anthony Morris’ full executive profile here.

Source: Four Ways To Make Banking A ‘Destination Workplace’

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Influencers Are Utilizing Collaboration To Win Against AI Algorithms; Here’s How

Visitors use their mobile devices to take pictures of themselves posing in a pink ball bath at the ... [+]DPA/AFP via Getty Images

It’s normal to hear the cliche, two are better than one, but this statement has been proven true among influencers in the last five years. Growing followership and influence on social media is not an easy feat, and with changing algorithms, it’s even more difficult.

Social media has become the top cultural influence on society. More people, especially Gen Z and Millennial generations, depend on social media platforms for their information, advice, and counsel, especially as regards lifestyle and fashion choices. This reality has placed social media influencers on a pedestal as some of the most relevant figures in modern culture.

The biggest question that influencers and aspiring influencers have to answer consistently is, “Can we still grow a healthy following organically in the age of changing algorithms?”

Renowned supermodel Stefanie Gurzanski seems to think that this is possible. In her words, “Value is king, the first step to doing it organically is finding your audience and determining what they consider as value. Then you have to create content around that and dish it out consistently. When all is said and done, you need help from others as well.”

As a supermodel, Stefanie Gurzanski, who is more popularly known as Baby G, has featured on the cover of some of the world’s most prestigious magazines like Vogue, Cosmopolitan, and Elle. She has also stunned at many of the world’s most prestigious fashion shows and red carpets.

However, one of her most significant accomplishments has been turning that success into a digital media empire and becoming an Instagram influencer with millions of extremely loyal followers. Stefanie believes that collaboration is one of the most powerful keys to growing followership in a world where algorithms are becoming more demanding. In this article, Stefanie shares why she thinks collaboration is so important.

According to Instagram, the main rule about Instagram algorithms is that not one but many algorithms influence a user’s Instagram experience. Different AI algorithms analyze user behavior on the different parts of the app; reels, feeds, and explore. All these algorithms work together to determine what we see or not see on Instagram.

The Instagram model is more or less the same on Facebook, Titok, and youtube, where various AI algorithms are used to achieve these exact results.

According to Stefanie, “Instagram has been a bit more transparent about how their algorithms function and this has helped influencers build systems around their brands that help them get the most out of the platform. What I have found is that the key ingredient that enables us to get the best out of all the algorithms is collaboration.”

Adam Mosseri has taken his time to summarize how the Instagram algorithm functions in a post. Four key factors influence the Instagram algorithm for feed posts.

  • First, the algorithm considers the basic information about the post; Is it a photo or a video? When was it posted? How many likes does it have?
  • Secondly, it considers the information about the poster; How interesting does the user find them to be? How often does the user engage with their content?
  • The third factor is the user’s activity; is the user a heavy video-watcher, or does the user prefer other kinds of content?
  • The final factor is the user’s interaction history; does the user typically engage with the poster’s posts by liking or commenting?

In summary, on Instagram feeds, the algorithm would typically show a user posts from creators who create the kind of content they typically engage with, and who they have previously engaged with or tend to engage with frequently.  On reels and explore, Instagram goes further by showing users the content they think they will like based on their previous activity.

Stefanie explains it with a more straightforward example; “I am coming up on the two million followers mark and one thing that is readily noticeable is that many of these followers found me because they initially followed other supermodels who do what I do.

Likewise, when my followers consistently engage with my pictures and videos, they are also likely to see posts from similar creators who do what I do on their explore page or their reels. Now imagine what we can achieve as influencers if we become more intentional about giving and getting this exposure. The results are simply stunning.”

Collaboration as a Powerful Tool For Exposure

Since 2016, when Instagram made these changes to its algorithm, collaboration has become perhaps the most effective tool for exposure.  Creators collaborate in different ways, but the end goal is the same, and the results are similar.

Live broadcasts by Sponsored Influencers have become a thing. 82% of audiences prefer live video from influencers and brands to other generic content, which has made live videos both the present and the future of video content.

Since Instagram launched its new feature, which enables creators and users to go live with a friend remotely, influencers have used this feature to invite other creators on their platform for live broadcasts. Content ranges from talk shows to casual conversations, and the results have been favorable so far.

“Live videos have such an engagement boosting effect,” Stefanie explains. “The algorithms give live videos more exposure, so when influencers can link up via this feature, it helps the algorithm make the connection between their two sets of audiences. This can easily grow the platforms of both influencers by exposing them to new audiences.”

Hosting Account takeovers is another powerful collaborative tool that creators use to force the algorithm to give more exposure to their content.  An account takeover is a strategy where an influencer can surrender their account to another influencer for some time, either by posting only content from that influencer or giving the influencer access to their platforms to post directly.

The basic idea is to create a feeling that that influencer is in charge for that period. This is a powerful way that influencers use to expose their work and brands to other influencers’ audiences. The results are usually remarkable as the algorithm is forced to make that connection.

Collaborating with Aspiring Influencers is also becoming more popular. Stefanie recently launched the Baby G Mag, a subscription-based platform where other creatives can be featured and grow their own platforms. She explains why she thinks this strategy is helpful; “With all the algorithm changes, it has become difficult to grow organically today than it was a few years ago.

So, I built Baby G Mag specifically for other girls who want to grow their brand, make money, and can be seen by a guaranteed amount of paying customers. Right now we are collating with other magazines as well. Playboy Mexico has already seen us as an interesting platform to collaborate with in just our first few weeks.”

While many influencers are looking to connect with influencers with bigger platforms, Stefanie realizes that collaborating with up-and-coming influencers is a win-win. It exposes her to new audiences as these smaller influencers usually have a smaller but fiercely loyal audience. It is also her way of helping these influencers grow faster and gain more influence.

User-Generated Content (UGC) is also becoming stronger among influencers. 85% of users find visual UGC more influential than brand photos or videos. It also drives 6.9-times-higher engagement than generic content.

UGC is a form of collaboration that Influencers build with their followers. This is effective because followers tend to engage with UGCs at a higher rate. Since the algorithm gives more exposure to posts and platforms with more engagement, the Influencer’s platforms usually get seen way more. It’s a win-win for most influencers.

Influencer Pods are becoming robust as well. Some influencers have decided that the best way to link their audiences is to create pods of influencers. These pods usually have 10-15 influencers from within their industry who engage authentically with each other’s content; they share, like, and leave thoughtful comments on their most recent posts.

Many see pods as a way to skew the system and game the algorithm, but so far, no social media platform has cracked down on them yet. Stefanie believes that collaboration in whatever shape or form it comes is the key to consistent growth as influencers;

“In my case, my fame didn’t necessarily come from social media, but I have been able to maintain it on social media by continuing with the things I became famous for. My merchandise, my videos, and my photos are what people value about my brand, and so I remain consistent.

However, I also believe that helping others rise has helped me rise even more. Collaboration will probably always be a successful route to go even if the algorithms change again, because it is at the heart of what social media is trying to do, which is to connect people and to help people discover other relevant people. It’s a silver bullet by every standard.”

Stefanie’s points are valid; at the heart of most social media platforms is a desire to connect people and increase engagement. Their money-making structures are built around these same values. So it is likely that finding valuable ways to collaborate will always win in the end, and It’s difficult to have any problems with it whatsoever.

Annie Brown is the founder of Lips, a feminist technology organization at the forefront of the inclusive design movement, building products

Source: Influencers Are Utilizing Collaboration To Win Against AI Algorithms; Here’s How

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The Difference Between A Professional Cook And A Chef

To the uninitiated, a professional cook and a chef may look similar. They both wear chef’s coats, work in a kitchen, and prepare food. But the day-to-day responsibilities of these two roles are vastly different. One is a skilled tradesperson, while the other is a leader—and often a visionary.

Discover the important distinctions between these two kitchen roles and the skills necessary for success in each. Keep reading to explore the main differences between a professional cook and chef!

A Professional cooks are skilled technicians who prepare and make food. Most of their work is hands-on, transforming ingredients from their whole states into finished dishes. There are many different types of cooks, each with varying responsibilities. A prep cook, for example, does supporting work like chopping vegetables, pre-portioning cuts of protein, and concocting sauces or dressings. Line cooks, on the other hand, are responsible for the cooking, plating, and completing dishes for service.

Professional cooks are also sometimes defined by their work stations. A fry cook runs the fryer for a steady supply of hot, fresh french fries and other crispy snacks. A grill cook is in charge of grilled items like burgers, chicken, steaks, and some vegetables.

A professional chef is a trained, experienced culinarian who has worked in a professional kitchen setting and usually occupies a more managerial role, either running a single-person department or leading a team of cooks. Chefs have a higher degree of responsibility than cooks and must be leaders as well as culinary experts. This means that they also must possess a high skill level of problem solving while under high pressure — being able to assess situations and create solutions quickly is imperative.

A chef often spends a great deal of their time supervising and managing the rest of the crew, rather than cooking. They must be able to jump into any position when needed and mentor other team members. But they may also get to create their own recipes and menus, influencing the restaurant’s reputation and helping shape its concepts. Therefore, while they have greater responsibility than cooks, they also receive more credit when a kitchen performs well.

The ultimate difference between a cook and a chef is their level of responsibility. A cook completes the tasks assigned to them in order to deliver a chef’s recipe. To do so, they should have the basic skills needed to execute the menu. This can include simple tasks like chopping or mixing, but it can also require more advanced technical skills necessary for complex, multipart recipes.

A chef, on the other hand, is a manager, ultimately responsible for the food that comes out of the kitchen. This title includes the executive chef, who is the top leader of the kitchen and has control over the menu and overall direction of the restaurant’s culinary program.

It can also include additional chef roles. Some kitchens have a chef de cuisine who manages the day-to-day operations. Most have a sous chef who serves as the executive chef or chef de cuisine’s “right hand.” There could also be a pastry chef who creates the desserts and may run a small team of pastry cooks.

Professional chefs usually start out as cooks and earn the title of chef later in their careers. They are often the people in the kitchen with the most culinary education and experience. Chefs may have attended a formal culinary school, or they may have worked in the industry for many years to grasp the necessary skill set. There is no degree or certification that automatically moves a cook into the realm of the chef. Instead, it’s a multi-faceted combination of education, experience, and leadership abilities.

Additional skills can vary based on the cook’s position. A line cook must know how to identify “done-ness” in a cut of meat, for example. And a prep cook should be skilled at rapid chopping and pay close attention to labeling and dating their work.

When cooks attend culinary school at Auguste Escoffier School of Culinary Arts, they can graduate with many of these skills in their toolbox. During their hands-on industry externship, which is required in order to graduate, students can work in a professional kitchen where they can practice their skills in a high-speed commercial environment. With this type of preparation, cooks can become ready for their first professional job, where they can then continue to build on their skills and discover new techniques.“A student who graduates from Escoffier can be able to participate in much better culinary conversations and understand a lot more about not just cooking, but how a business is run.”*
Escoffier Chef Instructor Jesper Jonsson

A professional chef must have extensive proficiency to earn this title. They should have expertise in every skill that they expect their cooks to employ, so that they can provide precise instruction and guidance. They may also be specialists in a single type of cuisine (like French or Japanese) or a certain cooking style (like barbecue or plant-based cooking).

The responsibilities of a chef go far beyond the food. They should also be skilled in menu planning, since they could be responsible for the final restaurant menu–from appetizers to desserts. They may also be required to create dishes that are both delicious and profitable, keeping labor and food costs in check. They need to be strong leaders, inspiring their employees and keeping them motivated to put out excellent food, day after day.

Some chefs are also independent business owners. For example, private chefs and personal chefs often run their own small businesses. Some chefs are also owners of restaurants and catering companies, so they must manage the business as well as the food.How does a professional chef discover all of this? It can start with enrolling in culinary school. At Auguste Escoffier School of Culinary Arts, associate degree students can begin their culinary education with cooking fundamentals and then move on to explore menus, leadership, communications, foodservice math and accounting, and entrepreneurship. While students do not graduate as chefs, they can start their culinary careers with a great breadth of knowledge to draw on as they progress through their careers.

A credential, like a degree or diploma, or a culinary certification from an industry association, can also help to prove to future employers that the recipient obtained a heightened level of proficiency. And this can demonstrate that the chef is passionate about growing in necessary competencies and in their career overall.

“Every time I was approached by a food blogger or press, I was referred to as chef. I didn’t feel right having that title without the credentials. I was a really good home cook, but I lacked the confidence in my skills in a professional setting. The culinary industry is such a respected field and I wanted to be on an equal playing ground with other chefs that I had an opportunity to work with.”*Nahika Hillery, Escoffier Austin Culinary Arts Graduate & Chef/Owner, Kréyol Korner Caribbean Cuisin

The short answer is no! While many cooks do have the goal of becoming the “boss” of the kitchen, others prefer the life of the cook. A cook must perform to a high standard on each shift, but they are not responsible for the overall success of the kitchen or food service establishment. Some find that this means a lower stress level and better work-life balance. Plus, cooks get to do more hands-on professional cooking. If your culinary dreams involve cooking all day, every day, then a career as a cook may be the right place for you.

Whether you want to be a professional cook or move up the ranks to executive chef, a culinary education can be a great place to start. Contact our Admissions Department to explore more about degrees and diplomas from Escoffier and how they can help you achieve your goals.

To discover more about a career as a chef or cook, try these articles next:

Source: The Difference Between a Professional Cook and a Chef – Escoffier

Critics by Better Health

Eating a wide variety of healthy foods helps to keep you in good health and protects you against chronic disease. Eating a well-balanced diet means eating a variety of foods from each of the 5 food groups daily, in the recommended amounts. Find out more in the Australian Guide to Healthy Eating

Eating healthy food doesn’t mean giving up your favourite recipes. Some simple swaps and a little bit of planning can help you make life-long, healthy changes to your diet.

Some shopping tips to get you started:

  • Make a shopping list before you shop and plan what meals you’re going to eat.
  • Keep the pantry stocked with ingredients that are quick to prepare and easy to cook.
  • Stock up on seasonal vegetables, fruit, wholegrains, nuts and seeds.
  • Choose the lower fat versions of a food if possible – for example milk, cheese, yoghurt, salad dressings and gravies.
  • Choose lean meat cuts and skinless chicken breasts.
  • Limit fast foods, chips, crisps, processed meats, pastries and pies, which all contain large amounts of fat.
  • Choose lean meats and reduced-fat dairy products and limit processed foods to minimise hidden fats. Nuts, seeds, fish, soy, olives and avocado are all healthier options because they include the essential long-chain fatty acids and these fats are accompanied by other good nutrients.If you add fats when cooking, use healthier oils such as olive and canola oil. And try these tips to reduce the amount of fat needed in cooking:Cook in liquids (such as stock, wine, lemon juice, fruit juice, vinegar or water) instead of oil.
  • Use pesto, salsas, chutneys and vinegars in place of sour creams, butter and creamy sauces.
  • Use reduced fat yoghurt and milks, evaporated skim milk or corn-starch instead of cream in sauces or soups.
  • Use non-stick cookware to reduce the need for cooking oil.
  • When browning vegetables, put them in a hot pan then spray with oil, rather than adding the oil first to the pan. This reduces the amount of oil that vegetables absorb during cooking.
  • As an alternative to browning vegetables by pan-frying, it is good to cook them first in the microwave, then crisp them under the grill for a minute or 2.

Water-soluble vitamins are delicate and easily destroyed during preparation and cooking. To minimise nutrient losses:

  • Scrub vegetables rather than peel them, as many nutrients are found close to the skin.
  • Microwave or steam vegetables instead of boiling them.
  • When boiling vegetables, use a small amount of water and do not overboil them.
  • Include more stir-fry recipes in your diet. Stir-fried vegetables are cooked quickly to retain their crunch (and associated nutrients).

Salt is hidden in many of our foods, but a high salt diet can contribute to a range of health problems including high blood pressure.

Suggestions to reduce salt include:

  • Don’t automatically add salt to your food – taste it first.
  • Add a splash of olive oil, vinegar or lemon juice close to the end of cooking time or to cooked vegetables – it can enhance flavours in the same way as salt.
  • Choose fresh or frozen vegetables, since canned and pickled vegetables tend to be packaged with salt.
  • Limit your consumption of salty processed meats such as salami, ham, corned beef, bacon, smoked salmon, frankfurters and chicken loaf.
  • Iodised salt is best. A major dietary source of iodine is plant foods. Yet there is evidence that Australian soil may be low in iodine and so plants grown in it are also low in iodine. If you eat fish at least once a week, the need for iodised salt is reduced.
  • Avoid processed foods such as flavoured instant pasta or noodles, canned or dehydrated soup mixes, salty crackers, chips and salted nuts.
  • Reduce your use of soy sauce, tomato sauce and processed sauces, stock powders and condiments (for example mayonnaise and salad dressings) because they contain high levels of salt.

Related contents:

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How The Power Of Predictive Analytics Can Transform Business

Tableau analytics visual

With the acceleration of digital transformation in business, most CTOs, CIOs, and even middle management or analysts are now asking, “What’s next with data?” and what ongoing role will technology play in both digital and data transformations. Other questions that keep these individuals up at night include:

  • How can people throughout all organizational levels be more empowered to use data and help others make better decisions?
  • What prevents people from more deeply exploring and using data?
  • In what ways can analytics tools and methods help more people use data in the daily routine of business—asking questions, exploring hypotheses, and testing ideas?

With this in mind, plus observations and discussions with many Tableau customers and partners, it seems that today’s circumstances, behaviors, and needs make it the right time for predictive data analytics to help businesses and their people solve problems effectively.

Current realities and barriers to scale smarter decision-making with AI 

With growing, diverse data sets being collected, the analytics use cases to transform data into valuable insights are growing just as fast. Today, a wide range of tools and focused teams specialize in uncovering data insights to inform decision-making, but where organizations struggle is striking the right balance between activating highly technical data experts and business teams with deep domain experience.

Until now, using artificial intelligence (AI), machine learning (ML), and other statistical methods to solve business problems was mostly the domain of data scientists. Many organizations have small data science teams focused on specific, mission-critical, and highly scalable problems, but those teams usually have a long project list to handle.

At the same time though, there are a large number of business decisions that rely on experience, knowledge, and data—and that would greatly benefit from applying more advanced analysis techniques. People with domain knowledge and proximity to the business data could benefit greatly, if they had access to these techniques.

Instead, there’s currently a back-and-forth process of relying on data scientists and ML practitioners to build and deploy custom models—a cycle that lacks agility and the ability to iterate quickly. By the end, the data that the model was trained on could be stale and the process starts again. But organizations depend on business users to make key decisions daily that don’t rise to the priority level of their central data science team.

The opportunity to solve data science challenges

This is where there’s an opportunity to democratize data science capabilities, minimizing the trade-offs between extreme precision and control versus the time to insight—and the ability to take action on these insights. If we can give people tools or enhanced features to better apply predictive analytics techniques to business problems, data scientists can gain time back to focus on more complex problems. With this approach, business leaders can enable more teams to make data-driven decisions while continuing to keep up with the pace of business. Additional benefits gained from democratizing data science in this way include:

  • Reducing data exploration and prep work
  • Empowering analyst experts to deliver data science outputs at lower costs
  • Increasing the likelihood of producing successful models with more exploration of use cases by domain experts
  • Extending, automating, and accelerating analysis for business groups and domain experts
  • Reducing time and costs spent on deploying and integrating models
  • Promoting responsible use of data and AI with improved transparency and receiving guidance on how to minimize or address bias

Business scenarios that benefit from predictive analytics 

There are several business scenarios where predictive capabilities can be immensely useful.

Sales and marketing departments can apply it to lead scoring, opportunity scoring, predicting time to close, and many other CRM-related cases. Manufacturers and retailers can use it to help with supply chain distribution and optimization, forecasting consumer demand, and exploring adding new products to their mix. Human resources can use it to assess the likelihood of candidates accepting an offer, and how they can adjust salary and benefits to meet a candidate’s values. And companies can use it to explore office space options and costs. These are just a few of the potential scenarios.

A solution to consider: Tableau Business Science

We are only at the beginning of exploring what predictive capabilities in the hands of people closely aligned with the business will unlock. AI and ML will continue to advance. More organizations, in a similar focus as Tableau, will also keep looking for techniques that can help people closest to the business see, understand, and use data in new ways to ask and answer questions, uncover insights, solve problems, and take action.

This spring Tableau introduced a new class of AI-powered analytics that gives predictive capabilities to people who are close to the business. In this next stage of expanded data exploration and use, we hope business leaders embrace data to help others make better decisions, and to provide transparent insight into the factors influencing those decisions.

When people can think with their data—when analysis is more about asking and answering questions than learning complex software or skills—that’s when human potential will be unleashed, leading to amazing outcomes. Learn more about Tableau Business Science, what this technology gives business teams, and the value it delivers to existing workflows.

Olivia Nix is a Senior Manager of Product Marketing at Tableau. She leads a team focused on the use of AI and ML in analytics and engagement, including how to use technology to enable more people in organizations to make data-driven decisions. Olivia has been at Tableau for four years where she has worked closely with development teams on new product launches. Prior to Tableau, Olivia worked as an analyst at the Pew Center on Global Climate Change (now C2ES) and Johnson Controls. She has her MBA from the UCLA Anderson School of Management.

Source: How The Power Of Predictive Analytics Can Transform Business

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Critics:

Predictive analytics encompasses a variety of statistical techniques from data mining, predictive modelling, and machine learning that analyze current and historical facts to make predictions about future or otherwise unknown events.

In business, predictive models exploit patterns found in historical and transactional data to identify risks and opportunities. Models capture relationships among many factors to allow assessment of risk or potential associated with a particular set of conditions, guiding decision-making for candidate transactions.

The defining functional effect of these technical approaches is that predictive analytics provides a predictive score (probability) for each individual (customer, employee, healthcare patient, product SKU, vehicle, component, machine, or other organizational unit) in order to determine, inform, or influence organizational processes that pertain across large numbers of individuals, such as in marketing, credit risk assessment, fraud detection, manufacturing, healthcare, and government operations including law enforcement.

Predictive analytics is used in actuarial science,marketing,business management, sports/fantasy sports, insurance,policing, telecommunications,retail, travel, mobility, healthcare, child protection, pharmaceuticals,capacity planning, social networking and other fields.

One of the best-known applications is credit scoring,[1] which is used throughout business management. Scoring models process a customer’s credit history, loan application, customer data, etc., in order to rank-order individuals by their likelihood of making future credit payments on time.

Predictive analytics is an area of statistics that deals with extracting information from data and using it to predict trends and behavior patterns. The enhancement of predictive web analytics calculates statistical probabilities of future events online. Predictive analytics statistical techniques include data modeling, machine learning, AI, deep learning algorithms and data mining.Often the unknown event of interest is in the future, but predictive analytics can be applied to any type of unknown whether it be in the past, present or future.

For example, identifying suspects after a crime has been committed, or credit card fraud as it occurs.The core of predictive analytics relies on capturing relationships between explanatory variables and the predicted variables from past occurrences, and exploiting them to predict the unknown outcome. It is important to note, however, that the accuracy and usability of results will depend greatly on the level of data analysis and the quality of assumptions.

Predictive analytics is often defined as predicting at a more detailed level of granularity, i.e., generating predictive scores (probabilities) for each individual organizational element. This distinguishes it from forecasting. For example, “Predictive analytics—Technology that learns from experience (data) to predict the future behavior of individuals in order to drive better decisions.”In future industrial systems, the value of predictive analytics will be to predict and prevent potential issues to achieve near-zero break-down and further be integrated into prescriptive analytics for decision optimization.

See also

Michigan Man Discovers Strange Glowing Rocks In The Upper Peninsula – Trevor Nace

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A Michigan man made the discovery of a lifetime when he stumbled on glowing rocks on the beaches of Lake Superior. The rocks, which he named “Yooperlites” emit an eerie glow, appearing to be partially molten rock. Rintamaki, a gem and mineral dealer, made this discovery after hunting for rocks in Michigan’s Upper Peninsula, bringing with him a black light. The black light helps illuminate the glowing rocks, which he says litter the Lake Superior beach……

Read more: https://www.forbes.com/sites/trevornace/2018/09/17/michigan-man-discovers-strange-glowing-rocks-in-the-upper-peninsula/#27d7726f23ff

 

 

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